Social security advantages will increase zero.3% in 2017.
americans who get Social safety will get a 0.three% increase of their month-to-month checks in 2017, the government stated Tuesday.
The estimated reasonable month-to-month advantage for all retired workers will upward thrust to $ 1,360 from $ 1,355, the Social safety Administration said.
Annual increases in Social safety are made yearly in response to modifications in a portion of the shopper worth index referred to as CPI-W. Inflation has been relatively low for several years largely due to a plunge in oil costs. Grocery prices have also fallen previously yr. the additional advantages kick in on Jan. 1.
Social safety recipients got no price-of-living adjustment in 2016 as a result of inflation was even lower.
advantages rose 1.7% in 2015, 1.5% in 2014 and 1.7% in 2013.
The Social security administration additionally announced that the utmost taxable earnings will rise to $ 127,200 from $ 118,500 in 2016.